BREAKING: US large bankruptcies hit the highest level in 14 years
The number of bankruptcy filings rose to 570 year-to-date in October, the most since 2010
US bankruptcy filings of big companies (see the footnote) reached 570 in 2024 through October, the highest level in 14 years.
In October, September and August, 60, 59 and 63 bankruptcies were recorded, respectively.
Among different sectors, 90 consumer discretionary firms filed for bankruptcy year-to-date, followed by 68 in industrials and 59 in healthcare.
It has been driven by an average consumer pulling back on spending due to record living costs as their wages have not kept up.
At this point, however, it has to be emphasized that financial markets almost never react to such news unless it hapens within the banking sector. These days the most important thing for investors is the US labor market and inflation data.
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